Elbit Medical Technologies - Selling most of its InSightec stake
Elbit Medical recently signed an agreement to sell most of its stake in InSightec for $102m at a $702m valuation for the company, leaving Elbit Medical with approximately 4.7% of InSightec (the company estimates approximately 3.7% on a fully diluted basis). At the end of Q319, Elbit Medical owned 22% of InSightec and 18% on a fully diluted basis. Completion of the transaction is subject to Elbit Medical shareholder approval and other conditions. The company expects to use the proceeds of this transaction to repay its debt, fund corporate expenses and use the remaining cash from the transaction to buy back stock through a tender offer.Elbit Medical Technologies Ltd is an Israel-based company engaged in the healthcare sector. It is a holding Company which was established in order to gather all of Elbit groups' bio medical and medical devices investments under one entity. Elbit Medical Technologies Ltd's medical division includes investment in InSightec Ltd that is engaged in the development, production and marketing of magnetic resonance imaging guided ultrasound equipment as well as investment in Gamida Cell Ltd that is engaged in the development of stem cell therapeutics based on its proprietary technologies for stem cell expansion as well as future regenerative cell-based medicines including heart tissue repair.
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